Imported Pensions

In April and May 2012 HMRC in the United Kingdom introduced a host of new regulations that had the effect of shifting the jurisdictions in which QROPS could be established. Guernsey had previously been the premier jurisdiction for QROPS but due to a conflict between local legislation and HMRC regulations, over 300 schemes were de-listed. Since the new regulations came into force QROPS were also closed in Cyprus and are now principally available in Gibraltar, the Isle of Man and Malta.

Following discussions with HMRC and representatives of the Government of Gibraltar in 2012, Gibraltar became a HMRC approved QROPS jurisdiction. There are currently over 20 Gibraltar based pension schemes that have notified HMRC they meet the conditions to be a Qualifying Recognised Overseas Pension Scheme (QROPS) and have asked to be publicly listed on the HMRC website.